One of the headline announcements in the Autumn Budget was that there would be a stamp duty cut for first time buyers. The aim is to help more people get on the property market by reducing how much they need to spend in fees. Consequently, FTBs would now avoid paying stamp duty on properties valued up to £300,000.
Although the news was well received in many areas, buyers in London were worried they would not really benefit. In January 2018 it was shown that the number of properties on the market that would come with zero stamp duty was just 387. These homes were in Zones 1 and 2. Travelling further out increased the amount but means people need to live further from the centre of the city. For some this is not viable.
Head to Croydon
An area where the stamp duty reduction is well received is Croydon. The area had an impressive 795 homes on the market in January for sale. This was over twice the number of any other Borough in the capital. In addition there were 1,345 homes available for between £300,001 and £500,000. Buyers would receive a tax cut of £5,000 on those.
If more and more FTBs are attracted to Croydon it could transform the area, attracting new businesses to cater for them. It would also draw more renters wanting to live in an area with attractive amenities. Both of these could in turn result in more benefits for investors.
Finefair is proud to operate as an approachable and flexible lettings agent Croydon landlords can trust. We provide consistent services for the long term, managing properties and tenancies with great care. This makes us the perfect partner for investors who want to enjoy stable rental incomes on properties while they look at longer term gains.
If you are new to property investment we can provide all of the advice and support you need. Experienced landlords can also transfer their services to us if they want professional assurances. In addition we can offer things like guaranteed rent and reliable maintenance.
To find out more about any of our services please get in touch with our team. We are committed to being the friendliest lettings agent Croydon has to offer.